Location-based Services Market to Be Worth $327.6 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., May 6, 2024 /PRNewswire/ -- According to a new market research report titled, 'Location-based Services Market by Component, Technology (GNSS, GPS), Application (Navigation, Tracking), Location Type, End-use Industry (Government and Public Sector, Transportation & Logistics, Smart Cities), and Geography - Forecast to 2031', the global location-based services market is projected to reach $327.6 billion by 2031, at a CAGR of 15.9% from 2024–2031.

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Location-based services (LBS) utilize the geographical location of devices to provide real-time insights to users and help businesses build strategies based on the data acquired. In recent years, location-based services have gained significant prominence and have become an integral part of organizations. Mapping, navigation and tracking, proximity marketing or target marketing, real-time traffic updates, location-specific weather reports, roadside assistance, mobile workforce management, fraud prevention, and other commercial applications are key features offered by location-based service providers. These services are being widely adopted by businesses across different domains.

The growth of the global location-based services market is driven by the increasing use of spatial data and analytics across industries, the proliferation of location-based services in the retail sector, and the surging use of location-based services in the agriculture sector. However, dynamic government rules and regulations for location-based services restrain the growth of this market.

Furthermore, constant upgrades in mapping and navigation solutions and the growing demand for wearable devices are generating growth opportunities for the stakeholders in this market. However, the high costs of procuring and implementing location-based services are a major challenge impacting the growth of the location-based services market. Additionally, the use of 5G technology for improved real-time analysis and the development of GIS software using Augmented Reality (AR) and Virtual Reality (VR) technologies are prominent trends in this market.

The global location-based services market is segmented by component (platforms/solutions [location-powered mobile apps, location intelligence platforms, and location-based messaging] and professional services [mapping services, implementation & support, and consulting & development services]), technology (global navigation satellite system, global positioning system [assisted GPS and enhanced GPS], Wi-Fi, near-field communication, and other technologies), applications (navigation [smart parking, route planning, and other navigation applications], geo-marketing & advertising/target marketing, mapping & GIS, tracking [valuables & stolen goods tracking, pet tracking, parolees tracking, and child tracking], social networking [chat & instant messaging services, dating apps, and friend locator apps], infotainment, commercial applications, and other applications), location type (outdoor and indoor), end-use industry (government & public sector, transportation & logistics, smart cities, retail & E-Commerce, consumer goods, media & entertainment, travel & tourism, BFSI, IT & telecommunications, healthcare, hospitality, aerospace & defense, energy & utilities, automotive, agriculture, education, and manufacturing), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.

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Based on component, in 2024, the platforms/solutions segment is expected to account for the larger share of 80% of the location-based services market. The segment's large market share is attributed to market players' increasing focus on launching location-based solutions, the increasing popularity of location-powered mobile apps, the growing need for location intelligence platforms to analyze and visualize geographic and location-based data, and the increasing adoption of location-based messaging platforms among consumers.

Also, this segment is projected to register a higher CAGR during the forecast period.

Based on technology, in 2024, the global navigation satellite system segment is expected to account for the largest share of the global location-based services market. The segment's large market share is attributed to the increasing need for GNSS in asset management also contributes to the significant market share of this segment, the growing demand for location-based advertising, and the diverse applications of GNSS, including precise positioning and real-time location tracking. Moreover, this segment is also projected to register the highest CAGR of 16.7% during the forecast period.

Based on application, in 2024, the navigation segment is expected to account for the largest share of 43% of the location-based services market. The segment's large market share is attributed to the rapid implementation of comprehensive navigation solutions by automakers and increasing initiatives by leading LBS players to develop automotive navigation services. Moreover, this segment is projected to register the highest CAGR during the forecast period.

Based on location type, in 2024, the outdoor segment is expected to account for the larger share of the global location-based services market. The segment's large market share is attributed to the increasing deployment of LBS, particularly for automotive and pet tracking applications, and the rising demand for location-based services for outdoor applications, including navigation and mapping, asset tracking, and outdoor proximity marketing.

However, the indoor segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the increasing implementation of LBS to facilitate efficient navigation in indoor environments such as shopping malls, airports, and large buildings and the rising need to track people and objects within indoor spaces.

Based on end-use industry, in 2024, the government & public sector segment is expected to account for the largest share of 20% of the location-based services market. The segment's large market share is attributed to governments' increasing need for risk management and monitoring and securing national borders and the government & public sector organizations' growing use of location intelligence tools for tracking and planning purposes.

However, the retail & e-commerce segment is expected to register the highest CAGR of 23% during the forecast period. The growth of this segment is driven by the increasing need for supply chain management in the retail sector and the rising need for location-based data for targeted marketing campaigns.

Based on geography, in 2024, Asia-Pacific is expected to account for the largest share of 33% of the location-based services market. The large share of this market is mainly attributed to factors such as the high penetration of mobile devices, a strong customer base for consumer solutions, and the rising deployments of map-based platforms across Chinese organizations. The Asia-Pacific location-based services market is estimated to be worth USD 39 billion in 2024. Also, this market is expected to register the highest CAGR during the forecast period.

The key players operating in the global location-based services market are HERE Global B.V. (Netherlands), Google LLC (U.S.) (a subsidiary of Alphabet Inc.), TomTom N.V. (Netherlands), Esri (U.S.), Hexagon AB (Sweden), Trimble Inc. (U.S.), Cisco Systems, Inc. (U.S.), QUALCOMM Incorporated (U.S.), Microsoft Corporation (U.S.), AT&T Inc. (U.S.), Zebra Technologies Corporation (U.S.), International Business Machines Corporation (U.S.), ALE International (France), Precisely (U.S.), Rohde & Schwarz GmbH & Co. KG (Germany), and Nextbillion.AI Pte. Ltd. (Singapore).

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Scope of the Report:

Location-based Services Market Assessment—by Component

• Platforms/Solutions
  
  • Location-powered Mobile Apps
  • Location Intelligence Solutions
  • Location-based Messaging
• Professional Services
  
  • Mapping Services
  • Implementation & Support Services
  • Consulting & Development Services

Location-based Services Market Assessment—by Technology

• Global Navigation Satellite System
• Global Positioning System
  
  • Assisted GPS
  • Enhanced GPS
• Wi-Fi
• Near-field Communication
• Other Technologies

Location-based Services Market Assessment—By Application

• Navigation
  
  • Smart Parking
  • Route Planning
  • Other Navigation Applications
• Geo-marketing & Advertising/Target Marketing
• Mapping & GIS
• Tracking
  
  • Valuables & Stolen Goods Tracking
  • Pet Tracking
  • Parolees Tracking
  • Child Tracking
• Social Networking
  
  • Chat & Instant Messaging Services
  • Dating Apps
  • Friend Locator Apps
• Infotainment
• Commercial Applications
• Other Applications

Location-based Services Market Assessment—By Location Type

• Outdoor
• Indoor

Location-based Services Market Assessment—By End-use Industry

• Government & Public Sector
• Transportation & Logistics
• Smart Cities
• Retail & E-commerce
• Consumer Goods
• Travel & Tourism
• Media & Entertainment
• Healthcare
• IT & Telecommunications
• Aerospace & Defense
• BFSI
• Energy & Utilities
• Hospitality
• Automotive
• Agriculture
• Education
• Manufacturing

Location-based Services Market Assessment—by Geography

• Asia-Pacific
  
  • China
  • Japan
  • India
  • Singapore
  • South Korea
  • Australia & New Zealand
  • Taiwan
  • Rest of Asia-Pacific
• North America
  
  • U.S.
  • Canada
• Europe
  
  • U.K.
  • Germany
  • France
  • Spain
  • Italy
  • Netherlands
  • Switzerland
  • Rest of Europe
• Middle East & Africa
• Latin America

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